April 28, 2017 [OPIS] - Sunoco Logistics Partners (SXL) and Energy Transfer Partners (ETP) said that at ETP unitholders have approved the merger plan for both companies, and the combined company will be named Energy Transfer Partners, L.P.
The merger plan dated as of Nov. 20, 2016, as amended (Merger Agreement), by and among ETP, SXL, their respective general partners, certain wholly owned subsidiaries of SXL and, solely for certain provisions therein, Energy Transfer Equity, L.P. (ETE), pursuant to which ETP will become a wholly owned subsidiary of SXL.
Based on the results, 88% of the units voted at the special meeting voted in favor of adoption of the Merger Agreement. The votes in favor of the Merger Agreement constituted more than a majority of ETP’s units outstanding as of the record date for the special meeting, and, as a result, the Merger Agreement was approved and adopted by the ETP unitholders.
The merger is expected to close on April 28, 2017. The common units of Energy Transfer Partners are expected to begin trading on the New York Stock Exchange under the “ETP” ticker symbol on Monday, May 1, 2017.
Sunoco Logistics Partners is a master limited partnership that owns and operates a logistics business consisting pipeline, terminaling, and acquisition and marketing assets which are used to facilitate the purchase and sale of crude oil, natural gas liquids, and refined products. SXL’s general partner is a consolidated subsidiary of Energy Transfer Partners.
Energy Transfer Partners is a master limited partnership that owns and operates one of the largest portfolios of energy assets in the United States. ETP’s subsidiaries include Panhandle Eastern Pipe Line Company, LP (the successor of Southern Union Company) and Lone Star NGL LLC, which owns and operates natural gas liquids storage, fractionation and transportation assets. In total, ETP currently owns and operates more than 62,500 miles of natural gas and natural gas liquids pipelines. ETP also owns the general partner, 100% of the incentive distribution rights, and approximately 67.1 million common units in Sunoco Logistics Partners, which operates a geographically diverse portfolio of crude oil and refined products pipelines, terminaling and crude oil acquisition and marketing assets. ETP’s general partner is owned by Energy Transfer Equity.
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